MENA region to witness increased investments in solar energy

Wednesday, 16 May 2012 15:06

Shpart drop in solar PV module prices due to oversupply had resulted in an increase in installations. (Image source: ANTARIS SOLAR)The Middle East and North Africa (MENA) region has been tipped to become the upcoming solar power investment destinations for major market players, according to a new report by GlobalData

In the report, entitled Global Renewable Power Investment Outlook for 2012 – Key Factors Influencing Investment Decisions, energy experts said the countries to look out for in the region would be the UAE, Saudi Arabia, Morocco, Algeria and Jordan.

The report stated that global renewable energy investments reached a record US$209 billion in 2011 as the solar industry seized a 49 per cent share of renewable power investments.

The sharp drop in solar photovoltaics (PV) module prices due to oversupply issues had resulted in an increase in installations. Venture financing and private equity investments were also high for solar technology developments.

In a recent development, German PV specialist Antaris Solar has opened trading partnerships in the UAE and Qatar for solar installers, with the aim of delivering better service to its growing customer base.

The company stated that it has seen demand for PV in the Middle East increase fuelled by rising energy prices and new solar rebates being offered by governments.

China also plans to invest around $100 million in developing solar projects in 40 African nations, as the country looks to take advantage of the prospective demand across the continent.